In procurement, market engagement describes all those processes involved in contacting and interacting with potential suppliers. There are two broad types of market engagement. The first type includes interactions with the market, as it is that have no impact on the structure of the market or the attitude of the participants towards the buyer. Examples of this type of engagement include requests for information, requests for quotations and requests for proposals. The second type involves market interventions such as conditioning, negotiation, reverse marketing and supplier development which may have a transformative effect on the market, either in terms of the market structure or the orientation of the market players towards the buying organisation. See also Market Maker and Reverse Marketing.
Take the Procurement Behavioural Self Assessment at Skills Gap Analysis.
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